Trimble Navigation Limited
935 Stewart Drive
Post Office Box 3642
Sunnyvale, CA 94085
Trimble to Expand Wireless Communications Capabilities with
Acquisition of Pacific Crest
SUNNYVALE, Calif., Dec. 21, 2004 -- Trimble (NASDAQ:TRMB) today announced that it has entered into a definitive agreement to acquire privately held Pacific Crest Corporation of Santa Clara, Calif., in a cash transaction. Pacific Crest is a leading supplier of wireless data communication systems for positioning and environmental monitoring applications. Closing of the transaction, anticipated in early January, is subject to usual and customary closing conditions. Financial terms were not disclosed.
Pacific Crest's high-quality radio modems provide the necessary data link to increase GPS accuracy. Applications that can take advantage of wireless communications for precision performance include Real-time Kinematic (RTK) surveying and construction machine control for earthmoving operations. Trimble expects the Pacific Crest acquisition to further enhance its wireless data communications capabilities in the Engineering and Construction (E&C) business segment.
"We are very excited to be joining Trimble," said Mark Sellers, president and CEO of Pacific Crest Corporation. "Through this acquisition, Trimble and Pacific Crest will be able to fully capitalize on the synergies and unique advantages offered by wireless communications and positioning solutions."
"Pacific Crest is an industry leader in providing rugged and reliable wireless data communications solutions. The company has successfully built a strong market position and has demonstrated excellent financial performance," said Bryn Fosburgh, Trimble's vice president and general manager of Geomatics and Engineering. "In addition to positioning and software technologies, we believe that wireless data communications is a core technology in providing complete solutions to our customers."
Pacific Crest Corporation has two core business areas. The company's products provide best-in-class solutions for precision RTK GPS applications that include surveying and machine control and supervisory control and data acquisition (SCADA) wireless applications for weather stations, aquaculture and offshore monitoring.
Pacific Crest will operate as part of Trimble's E&C business segment. The Company will continue to offer Pacific Crest products and is committed to continuing to serve their end user customer base.
About Pacific Crest Corporation
Pacific Crest Corporation is a leading manufacturer of wireless data communication equipment. Founded in 1994 and with headquarters in Santa Clara, California, Pacific Crest Corporation maintains a strong international presence in the GPS survey and environmental monitoring industries.
For more company information, visit: www.paccrst.com.
Trimble is a leading innovator of Global Positioning System (GPS) technology. In addition to providing advanced GPS components, Trimble augments GPS with other positioning technologies as well as wireless communications and software to create complete customer solutions. Trimble's worldwide presence and unique capabilities position the Company for growth in emerging applications including surveying, automobile navigation, machine guidance, asset tracking, wireless platforms, and telecommunications infrastructure. Founded in 1978 and headquartered in Sunnyvale, Calif., Trimble has more than 2,000 employees in more than 20 countries worldwide.
Investor Relations Contact: Willa McManmon of Trimble: 408-481-6914
Media Contact: LeaAnn McNabb of Trimble: 408-481-7808
Certain statements made in this press release are forward looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, and are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. This press release contains forward-looking statements that include risks and uncertainties concerning the expected financial performance of the Pacific Crest Corporation acquisition, as well as Trimble's strategic and operational plans. Actual results may differ from those set forth in this press release due to certain risks and uncertainties, including the ability to achieve market acceptance of product offerings from the acquisition and the risks inherent in acquiring and integrating a company, unanticipated expenditures and changing relationships with customers. Among other things, economic trends and additional competitive issues may have an adverse effect on the success of the proposed acquisition. These and other risks are detailed from time to time in reports filed with the SEC, including Trimble's quarterly reports on Form 10-Q and its annual report on Form 10-K. The consummation of the acquisition is subject to certain closing conditions and may not be consummated on the terms proposed or at all.